Unmanned Surface Vehicle Market to cross USD 1 billion by 2032, Says Global Market Insights inc.

Selbyville, Delaware, Aug. 13, 2023 (GLOBE NEWSWIRE) — Unmanned Surface Vehicle Market value will surpass USD 1 billion by 2032, as per a recent study by Global Market Insights Inc.

As per the report, considerable investments in the oil & gas industry globally are creating ample opportunities for industry growth. Unmanned surface vehicles (USVs) are used for remote sensing and surveillance in the oil and gas industry. They can monitor maritime traffic, detect unauthorized vessels or security threats, and provide real-time situational awareness. USVs equipped with advanced sensors, cameras, and communication systems enhance security measures, protect critical infrastructure, and assist in risk management. Owing to these remarkable attributes, the product application scope has grown significantly over the years and is further expected to witness an upward trend in the foreseeable future.

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Demand for surface USVs to gain momentum

Based on type, the unmanned surface vehicle market size from the surface segment is expected to depict over 5% CAGR from 2023 to 2032, claims the report. Unmanned surface vehicles can operate continuously without the limitations of human fatigue or shift changes. They can carry out tasks with high precision and consistency, which leads to increased operational efficiency and productivity. USVs can cover large areas, perform repetitive tasks, and collect data consistently over extended periods, thus, contributing to improved mission effectiveness.

Commercial Segment to dominate the application spectrum

In terms of application, the unmanned surface vehicle market share from the commercial segment will grow considerably over 2023- 2032, as per the report. Unmanned surface vehicles eliminate the need for crew members, onboard facilities, and associated operational expenses. Owing to the cost savings associated with these vehicles, they find widespread applications in the offshore energy industry, particularly in activities related to oil and gas exploration, wind farm operations, and underwater pipeline inspections. They can be deployed for remote monitoring, maintenance, and inspecting offshore structures to reduce the need for manned vessels and enhance safety and cost-effectiveness.

Versatility of catamaran USVs to favor their adoption

Based on the hull, the report cites that the unmanned surface vehicle market revenue from the catamaran segment will cross USD 450 million by 2032. Catamaran USVs can be easily customized and adapted to specific mission requirements. Their larger deck area and payload capacity provide flexibility for integrating various sensors, equipment, or mission-specific modules. This versatility allows catamaran USVs to be utilized in a wide range of applications, such as hydrographic surveys, maritime security, environmental monitoring, offshore inspections, and more.

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North America to dominate the market share

North America unmanned surface vehicle market share is poised to be worth over USD 500 million by 2032, claims the report. Increasing demand for maritime security and surveillance, and the rising adoption of USVs in various commercial applications will strengthen the regional market outlook. Moreover, the region is home to key USV manufacturers such as L3Harris Technologies and Teledyne, Inc., among others emphasizing product innovations to sustain their leadership. The robust strategic landscape across the region will stimulate industry revenue streams through 2032.

Unmanned Surface Vehicle Market Players

Kongsberg Maritime, Liquid Robotics, Inc., OceanAlpha, Fugro, L3Harris Technologies, Inc., Maritime Robotics AS, and SAAB AB, among others

Unmanned Surface Vehicle Market News:

  • In April 2023, Fugro, a leading surveying services company, announced that its 12 m Blue Essence® uncrewed surface vessel secured full navigation licensing from the UAE Ministry of Energy and Infrastructure.

Growing technological developments in the North America region

Regionally, North America organic electronics market is expected to hold a significant revenue share by 2032, driven by technological advancements and favorable government initiatives. The region has been at the forefront of R&D in the field of organic electronics, leading to the commercialization of innovative products. Furthermore, government support in the form of funding programs and favorable regulations has encouraged the adoption of organic electronics in various sectors, including healthcare, consumer electronics, and automotive. The growing demand for energy-efficient solutions and the presence of major manufacturers further contribute to the market expansion in North America.

Some of the leading players in the global organic electronics market are AGC INC, Merck KGaA, Samsung Display (Samsung Electronics Co., Ltd.), Covestro AG, JOLED Inc., Konica Minolta, Inc., DuPont, LG DISPLAY CO., LTD., Novaled GmbH, Sony Corporation, Sumitomo Chemical Co., Ltd., Panasonic Holdings Corporation, UNIVERSAL DISPLAY, Visionox Company, and OSRAM GmbH.

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.